The Depository Trust and Clearing Corporation (DTCC) has announced the launch of ComposerX, a suite of platforms “designed to streamline token creation and settlement”. Replacing the Securrency product suite, the new product aims to “accelerate digital asset adoption throughout the financial ecosystem”, reveals the firm in a press release.
ComposerX is described as a “complete, end-to-end suite for managing digital assets through their full lifecycle”, from issuance and distribution to servicing and reporting. It comprises three core platforms: ComposerX Capital Markets Platform (CMP), ComposerX Factory, and ComposerX LedgerScan.
Three’s not a crowd
The CMP “supports the entire token lifecycle management process, from investor onboarding, trading and transaction processing, corporate actions, and transfer agency activities”. It is DLT agnostic, and available with a range of tokenisation protocols, so it can integrate with ComposerX’s other platforms as well as legacy systems.
ComposerX Factory is a tokenisation engine with an open tokenisation framework. It automates the data management process by enhancing tokenisation protocols with data schema management. This “allows firms to create ‘self describing’ smart tokens” that “include verifiably accurate data schema that can be relied upon for discoverability and that unlock the reliable automation of business processes”.
ComposerX LedgerScan is “designed to monitor, report and consolidate token activity across the ecosystem”. It allows firms to “track and manage tokens representing any asset from any source spanning any network, reconciling all activity across systems and integrating with legacy accounting and custodial models”. Institutions can use it as a tool to “bridge traditional and digital infrastructure and to provide data transparency in near real-time”.
More to it
DTCC emphasises that “meaningful adoption of digital assets goes beyond asset creation on a blockchain. Firms also require an on-chain framework for data management that powers business decisions, risk management, and reporting”. According to Nadine Chakar, global head of DTCC Digital Assets, ComposerX is a step “toward the development of a digital financial markets ecosystem, where digital assets are treated with the same care afforded to traditional securities”.
ComposerX uses the same patented technology from the Compliance Aware Token Framework (CATF) that is used in all DTCC Digital Assets offerings. The framework “enables real-time enforcement of regulatory rules that are validated as transactions are executed”.
DTCC intends to continue enhancing ComposerX throughout the year, including adding functionality to ComposerX Factory to enable the composabilty of financial processes.
